Episode #72 Home Made Business 2 of 3

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Title:    Homemade Business Part 2 of 3 – Episode #72

Date:   July 3, 2015

How to structure your business

Figuring Out Your Game Plan

Before you start your business, you really need to figure out your game plan.

Figure out the steps that you’re going to take to achieve both short and long term goals.

This will give you a good understanding of what you are trying to accomplish so that you always have a solid game plan for growth and development.

Determine what it is about your business that makes it unique.

Why do want to get into this specific business?

Your products are not necessarily the most valuable thing you can offer.

The most valuable thing you can offer people is the sum of your experiences.

In other words, YOU are your business’ most valuable asset.

How do you structure that into your business?

You may need to put in a lot of hours so you need to make an income that justifies that time spent.

Determining Pricing and Income Goals

Consider how much time you’re really willing to put into your business and then make sure that your income goals justify your time investment.

Do not come up with an arbitrary number.

Really do a lot of research.

Find other people that are offering products and services that are similar to yours at both ends of the spectrum.

Look at how much the most successful person is making and how much the “average person”  is making and where you need to fall into that.

It should probably be somewhere in the middle.

In the beginning, it should not be about making a massive amount of money; instead, it should be about establishing a long-term relationship with your client.

While you may start off offering them a lower priced product or service, if you build that relationship, you will probably over time develop that into them becoming a higher-level customer.

It’s a delicate balance.

You need to make sure that your products aren’t so expensive that you get no customers but also not so cheap that people think they’re of no value and no quality.

The 10x Rule

Creating products and selling them for 10% of what you really believe they are worth.

Find out what they’re worth by doing research and having data to back those figures up.

While you may never need to prove it in a court of law, you want to deal honestly and truthfully with your potential customers.

If someone asks you, you want to be able to justify your pricing with integrity.

Passion and Inspiration

There are a ton of people out there that are promising you the world if you just buy their next new product.  And, they seem to be selling it with the utmost confidence.

Why is that? And why are people still buying these ideas?

Because the promise of turning one’s passion into financial success is very alluring.

So, why then is it difficult to make the passion into profit concept work?

A lack of motivation and to some extent a lack of real inspiration, which both lead to a lack of follow-through.

Most people are either motivated by inspiration or desperation.

The ones that are motivated by neither are the ones that put out below average products.

What exactly should you be doing?

You need to find what you are passionate about.

Otherwise you’ll let other things get in the way.   Passion=Inspiration

What are the things that you are passionate about that the market wants? Structure your products and services around those.

 

 

Some of the questions to ask yourself to try and figure out what you’re passionate about are:

What do I love talking about?

What unique ideas have I had for a long time?

What are the things that people tell me I tend to talk about a lot?

Regarding problem solving for others, what am I good at?

What do people come and ask me for?

What do I really love doing?   What do I really dislike doing?

What am I super-emotional about?

FOCUS

Focus yourself on one great at a time.   Put all of yourself into that.

When you’ve got too many ideas combined with too many choices and too much info you’re headed for disaster.

The way to get nothing done is to try and do everything.

Finding Your Target Market

When you’re trying to reach out to a new market you have to make sure you give them something to remember you by.

Are you, your products and/or services, a good fit for this market?

If you want to go after a niche market that doesn’t necessarily resonate with your personal identity, a lot of people create a persona  to go after those specific markets.

While Anthony is not a proponent of this, he can see the value.

For example, he knows he wouldn’t be good at selling makeup to women but he does know that he can do the research and build the product, and he could probably build a really good book and a video series (with a female voice over) and put together a high quality product.

But, he would need a woman’s persona to pitch that product successfully.

 

Will your potential customers be able to buy the initial product and will they be able to buy the upsells and the downsells?

You may have a great idea and a target market, but you have to make sure you’re target market has the financial ability to support your products.

Will this market be easy enough to reach?

Is this market large enough?

The “Undiscovered Market”

A lot of people are out there are trying to find this market that no one else has found and it’s very difficult to near impossible to do.

And, even if and when you do, you’re kind of re-inventing the wheel, which takes a lot of time, effort and money .

It’s a better idea to find a market with relative competition but with a lot of need and a lot of desire.  And, a lot of disposable income.

Providing Value To Your Market

When you know your target market, you need to have a plan on how to give them the most value.

Always aim to under-promise and over-deliver.

This can be really difficult because a lot of sales copy make a lot of “wow” claims and wild promises  You don’t want this sales copy to not match the value of what you’re delivering.

If you don’t amp up the marketing you’re not going to get people to buy because they really want that over the top promise.

You need your marketing to do a good enough  job to get them to buy your product and your product to do good enough job to get them to come back and buy more from you.

You want your customers to get more value out of your products than they thought they were going to get.

You want them to be pleasantly surprised that it’s even better than they expected.

Fears of Rejection and Failure

We become what we think about most.

If you constantly have a successful mindset, your brain is going to help you manifest that.

Your brain does not know the difference between reality and vision. That’s why you’re told to go to sleep with what you want to manifest in life “on your brain”.

While it doesn’t know the difference, it does play an important role into putting you into the right mental and physical states to produce the results that you’ve told it to.

Your state of mind plays a large role in your success.

Having a positive mental attitude doesn’t change the current circumstances but it puts you in the right emotional state.

That’s why success is infectious.

One of the reasons why Anthony partners with so many people is because he needs that positive  vibe and also to have someone that he can bounce his ideas of.

When you’re doing this with friends and family, you’re very unlikely to get true feedback because of emotions.  That impartial person can tell you:

What’s right and wrong with your ideas

Things you may not have considered

How could you look at ideas or solutions differently

Other angles you could look at/pursue.

The more friendships he’s made over time, the more partnerships he’s had and the more success he’s had.

Your goal should be to look for  1+1=3 relationships.

This is where BOTH sides bring more than their share to a partnership and together you make a really successful partnership because you’re both bigger together than you are individually.

If you’ve got a big fear of rejection and failure, it’s oftentimes because you’re getting that from your family and friends, from those people who are too close and who don’t see you excelling.

If you’re stuck getting your business started or you’re stuck in your business today, go find people who are doing what you want to do, reach out to them via social media and go make some new friends.

As you ascend up the value ladder and have more and more to offer, you need to reciprocate that.

You need to pay that back when people contact YOU.

You never know where they’re going to go or what kind of business they’re going to develop or what may happen in the future.

Closing Thoughts

People overlook “reaching out”  all the time.

They stay in their corner and develop a product without ever talking to anyone or trying to form any peer relationships.

Then they come to Anthony, asking him to help sell their product.  Once he starts asking them questions, it’s obvious that some of these people have spent years developing something that no one wants because they didn’t put themselves out there.   They didn’t bother to find out who was successful, why they were successful and how they were successful. They didn’t bother to reach out and gather a sphere of influence around them, people they could learn from.

If you have a question for Anthony, head over to www.anthonyflatt.com and leave him a voicemail message to have a chance to have your question featured on this show.

All the Episodes are available on our website:

www.businessatthespeedofsell.com

Also available on iTunes:

https://itunes.apple.com/al/podcast/business-at-the-speed-of-sell/id990650976

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